Aizenman, Joshua; Edwards, Sebastian; Riera-Crichton, Daniel - 2011
1970-2007 period. Specifically, we investigate the degree to which the active management of international reserves and … management not only lowers the short-run impact of CTOT shocks significantly, but also affects the long-run adjustment of REER … effective as a fixed exchange rate regime in insulating the economy from CTOT shocks. Reserve management could be an effective …